Form 940 is an IRS tax form used to report Federal Unemployment Taxes(FUTA). Employers who pay federal unemployment taxes must file this form on an annual basis. These taxes are specific to employers; no unemployment taxes are deducted from their employees' wages. Here's a summary of the Form 940 instructions for the 2023 tax year.
IRS Form 940 updates include changes for credit reduction states. Employers in California and New York face a 0.6% credit reduction rate, while the U.S. Virgin Islands has a 3.9% rate, increasing their FUTA taxes due to unpaid federal loans for unemployment benefits.
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In Part 1 of the 940 Form, you must provide some basic information about your return. Leave any lines that do not apply to your business blank.
In Part 2 of Form 940, you will calculate your FUTA tax before any adjustments. Again, skip any lines that do not pertain to your business.
In Part 3, you will make your adjustments. Only fill out the lines that apply to your business.
In Part 4, you will be determining your FUTA tax balance due and if you overpaid.
If Line 13 is more than Line 12, enter the difference on Line 15, which represents the overpayment. Check the box to apply the overpayment to a future return or to get a refund.
You only need to complete Part 5 of Form 940 if the amount you entered on Line 12 is $500 or more; otherwise, skip to Part 6.
Use these Form 940 instructions to easily file Form 940.
Now it is time to e-sign Form 940.
Although e-filing is the IRS' preferred method of filing Form 940, physical copies will be accepted. If you plan to file a paper copy, please select the address below that corresponds to your business location.
940 Mailing Address | Without a payment | With a payment |
---|---|---|
Connecticut, Delaware, District of Columbia, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia, Wisconsin | Department of the Treasury Internal Revenue Service Kansas City, MO 64999-0046 | Internal Revenue Service P.O. Box 806531 Cincinnati, OH 45280-653 |
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Hawaii, Idaho, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, Wyoming | Department of the Treasury Internal Revenue Service Ogden, UT 84201-0046 | Internal Revenue Service P.O. Box 932000 Louisville, KY 40293-2000 |
Puerto Rico, U.S. Virgin Islands | Department of the Treasury P.O. Box 409101 Ogden, UT 84409 | Internal Revenue Service P.O. Box 932000 Cincinnati, Louisville, KY 40293-2000 |
If the location of your legal residence, principal place of business, office, or agency is not listed | Department of the Treasury P.O. Box 409101 Ogden, UT 84409 | Internal Revenue Service P.O. Box 932000 Louisville, KY 40293-2000 |
E-filing Form 940 with TaxZerone is simple and effective. We simplify the e-filing process by including auto calculation, error checks against IRS business standards, and required worksheets.
TaxZerone makes it easier to e-file Form 940 with these 940 instructions. File using TaxZerone before the deadline and submit it to the IRS.
To e-file Form 940 for Tax Year 2023, follow the simple procedures outlined below.